Accounts of Not-For-Profit-Making Organizations - Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 21:

• JAMB 2001

A club received rent N10,000 and donation N30,000. It paid N6,000 for entertainment and is still owing N16,000.
The balance of the payments account is?

A. N24,000
B. N22,000
C. N14,000
D. 8,000
E. NO OPTION INDICATED

Question 22:

• JAMB 2001

Given:
Club trading profit N12,000
Members'' subscription N15,000
Profit on sale of fixed assets N2,500
Loss on sale of investments N1,000
Wages N16,500
Other expenses N10,000
Determine the club''s excess of income over expenditure?

A. N500
B. N1,500
C. N2,000
D. N2,500

Question 23:

• JAMB 2001

The excess of income over expenditure is usually transferred to the?

A. Accumulated fund
B. Profit and loss account
C. Current assets in the balance sheet
D. Current liabilities in the balance sheet

Question 24:

• JAMB 2001

Given:
PTF Trial Balance [Extract] as at 31 December, 1999
Dr Cr
N'000 N '000
Cash 2,000
Investments 3,000
Accounts receivable 6,000 11,000
Fund balance 11,000 11,000
Assuming all the investments realized N4m, what will be the endig fund balance?

A. N8m
B. N 11M
C. N12M
D. N15M

Question 25:

• JAMB 2001

» Given:
PTF Trial Balance [Extract] as at 31 December, 1999
Dr Cr
N'000 N '000
Cash 2,000
Investments 3,000
Accounts receivable 6,000 11,000
Fund balance 11,000 11,000
If only 1/2 of the investments is sold for N2m and N5m realized from the accounts receivable what will be the balance of the fund?

A. N9M
B. N11M
C. N13M
D. N16M